Hello all,
I have a quick question:
Suppose a parent in Kenya, Africa is going to send their child in America $500k-1M. The parent is not a US citizen, but the child is a US citizen. What are the tax implications for both parties? Should the parent send it as a “gift” or not, and why?
- I did some googling and it said that is you are a US citizen and you are receiving $$ from a parent who is NOT a US citizen, then you do not have to pay taxes. However you will need to file a 3520.
- I couldn’t find any information about being a resident in Kenya, Africa from PWC (informations unavailable)..
